If the contract was ratified and you fulfilled your part of the contract there is a thing called "Specific Performance". They can not just up and change their minds after ratifying a contract absent some detrimental and unforeseeable catastrophic type event also known as "Force majeure".We put a contract on a house 5 weeks ago, and it was accepted by seller. It was a done deal. We loved the house, and want to move for multiple reasons. Well, I never knew that sellers can just up and say they changed their mind, and don't want to sell, and even said they were willing to go to court to get out of it. We even paid for the inspection and appraisal, and found out we have no recourse to get that 1200 back; plus the fact we were willing to pay 15000 over the appraisal price. What? We wasted so much time and money on these despicable people. Who does that? Just wanted to put it out there that it is true about buyer beware. We will now start over to find a new house to name that/our place. What a crock of ####. The world is a screwed up place, and full of screwed up people. Thanks for reading.
First, I would like to thank you for your reply, if I may, and you are right. Second, I would like to say sorry for hijacking this thread; I should have started my own. Hub and I talked about it. These people still wanted their full price above appraisal, the pool had some issues and could have become a money pit, and we would have had to go to Mont Cty to go to court. We just decided that it wasn't meant to be our house, even though it turned our world upside down, and made us very angry. Moving on, so to speak. Thanks for your reply.If I may ... If the contract was ratified and you fulfilled your part of the contract there is a thing called "Specific Performance". They can not just up and change their minds after ratifying a contract absent some detrimental and unforeseeable catastrophic type event also known as "Force majeure".
(1) Non-performance by a party is excused if that party proves that the non-performance was due to an impediment beyond its control and that it could not reasonably be expected to have taken the impediment into account at the time of the conclusion of the contract or to have avoided or overcome it or its consequences.
(2) When the impediment is only temporary, the excuse shall have effect for such period as is reasonable having regard to the effect of the impediment on the performance of the contract.
(3) The party who fails to perform must give notice to the other party of the impediment and its effect on its ability to perform. If the notice is not received by the other party within a reasonable time after the party who fails to perform knew or ought to have known of the impediment, it is liable for damages resulting from such non-receipt.
Specific Performance - When one party to a sales agreement breaches the contract by not performing as required by the contract’s terms, the harmed party often does not want monetary damages but desires actual performance. Such a demand is called “specific performance.” Specific performance is an order by a court that a contract be fully performed according to its terms.
When Should A Court Enforce Specific Performance? Succinctly, specific performance is available when there exists: 1) a valid and binding contract; 2) definite and certain terms; 3) mutuality of obligation and remedy; 4) freedom from fraud and overreaching; and 5) lack of remedy at law.
The most common legal remedy is money damages. Money damages is fairly simple to understand, as it compensates the injured party for any financial consequences of the sale falling through. The buyer, for instance, could sue the seller for all of the costs put into the transaction, including a return of the deposit (with interest), as well as damages for any missed time and opportunities.
However, another possible remedy in the context of property sales is a so-called "equitable" remedy called "specific performance." Specific performance isn't based on any absolute legal right. Rather, it involves a court using its discretion to order the nonperforming buyer or seller to perform and complete the contract as if it had never been breached—that is, to sell or buy the house.
Do Not Let These Sellers Off The Hook. Either way, make them wish they never reneged on that contract. Go find a lawyer and make sure that the lawyers compensation comes from the sellers. What have you to lose? Go get that dream house woman!!!!!